Belles-Rives At The Watergate Condos

When buying a condo the first thing you want to do make sure that you aren't blindsided with a special assessment. If you ask the right questions you can easily avoid those condo projects likely to charge you for someone else's mistakes.

Here's an important question to ask before you put money down on that condo. Ask the condo association if it has set aside a reserve fund for unexpected repairs that may be required in the future. A condo complex without a reserve is known as a 'no reserve development'. You want to avoid buying into such projects. Here's why.

When the need for an unexpected repair surfaces the condo association will have to make a special assessment on all owners in the complex. That means you'll be hit with a bill, possibly a big one, that you didn't expect.